Where the entire industry across the world succumbed to the destructive forces of COVID-19, event management sector was no exception. As physical events exercise a stronghold on the sector it was difficult to continue the functioning amidst the lockdown implemented to curb the menacing effects of the virus.
As the virtual working model gained momentum, the industry was agile enough to incorporate virtual events into their structure. Though it provided solution to the ongoing crisis, its benefits were weighed down by the limitations it offered.
Humans by nature are deeply dependent on society for their biological and psychological well-being. This nature perfectly resonates with the ideology ‘Man is a social animal’ of legendry Greek philosopher Aristotle underlining the importance of society in the overall development of humans.
Physical events donning the role of organizing events to create opportunities for social gatherings perfectly echoes the doctrines of the Greek philosopher. Hence, even though virtual events created a buzz during the lockdown the importance of physical events could not be overruled amongst the industry players.
Moreover, the availability of vaccine making rounds along with the fall in COVID-19 cases further reiterates the revival of physical events. While it extends hub for social interaction, it is a pool for enriched experience. An inspiring factor for all those who otherwise were forced to stay indoors to come out, unleashing their desire to communicate with others.
The sector also brims with potential to drive the country’s revenue. Gone are the days when the event industry was all about weddings, from conducting corporate events to conferences, live entertainment shows, exhibitions the sector makes a multi-faceted contribution to the economy. Both, at private and government-level, events are organized on a large scale. It is an attraction for cultural exposure where people can establish valuable connections.
As per the report, in the year 2016-17, the industry accounted for Rs 5631 crore and was growing at 16 per cent CAGR. According to the estimation by 2020-21 events industry is set to cross Rs 10,000 crore.
India having a history of rich cultural heritage, attracts visitors from across the world. Attracting huge footfall, the events industry can influence and even drive the country’s travel and tourism. During the pandemic, travel and tourism were immensely hit due to an amalgamation of various factors such as social distancing, economic slowdown, lockdown imposed to curb the spreading of COVID-19. Restoring the physical events will ensure the continuation of the cycle with full force.
The coming in of the vaccine will have a restoring impact on the temporary inconvenience. Eventually, tourism will get an immense boost that will also have a filliping effect on the travel sector. Where the entire economy has undergone a substantial period of dry spell, the events industry along with its subsequent sectors will have a reviving effect on the economy of the country by generating revenue from the footfall.
Owing to the fall in COVID cases companies like Indian Travel Mart organized three-day programme to promote domestic tourism. On the other hand TiE Global arranged a two-day boot camp to facilitate women entrepreneurs. Stressing on the fact that event industry is there to come back with full force and with major modifications once the disturbing situation settles down.
The businesses can also take leverage of the events to make their presence in the market. The sponsorships they offer not just generate revenue for the event but by getting the exposure they can imprint their image among the public’s recall value. An assured path to have a long-lasting impact on their target audience and also acquire new ones.
Though the industry is currently reeling under the wave of COVID-19, it is just a phase that cannot impede its progress in the long run considering the rebounding potential of the events segment. It can be perceived that physical events have profound benefits as compared to virtual events. Though remote events are providing buoyancy solutions to the industry, but its ability to drive the sector is highly limited. On the other hand, physical events not just integrate the events industry but can give a boost to other sectors associated with it, ultimately contributing to the economy of the country.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house